HomeMy WebLinkAboutCity Council Resolution 1992-610RESOLUTION NO. 92-610
REDUCING DEVELOPMENT BOND
BOULDER RIDGE 2ND ADDITION (91010)
WHEREAS, in accordance with the development contract dated August 12, 1991, Krutzig
Homes, Inc. and Hillsborough Manor, Inc., developer of Boulder Ridge 2nd Addition
(91010), has agreed to install certain improvements for said development; and
WHEREAS, the developer has completed a portion of the street, utility and site grading
as noted below; and
WHEREAS, the developer has requested a reduction of the development bond to reflect the
completed work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA; that the bonding requirements are reduced as follows:
w
Street Construction
Zachary Turn Lane
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (1 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
$ 28,100
NEW AMOUNT
$ 6,850
4,300
-0-
20,500
-0-
20,900
-0-
10,700
-0-
5,000
5,000
-0-
-0-
150
150
76,000
20,000
1,300
20.034
1,300
3.996
$ 186,984
$ 37,296
That the letter of credit required for the above items be reduced as detailed above
from $100,016 to $37,296 to reflect the completed work. Letter of Credit No. 27623-A
is hereby reduced accordingly.
FURTHER BE IT RESOLVED that the bonding requirements for the following items per
Section 8.1 of the approved development contract be reduced as follows:
17
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 27623-B:
Adopted by the City Council on October 5, 1992
$ 1,000 $ 11000
$15,000 $15,000